fuel cell UAV market
Growing trends of using green and eco-friendly products and reducing greenhouse gas (GHG) emissions have enhanced the penetration and use of fuel cells in unmanned aerial vehicles (UAVs). Moreover, breakthroughs in fuel cell technologies and adding of new features to fuel cells have enhanced the use of fuel cells in military unmanned aerial vehicles. As per a study of the Allied Market Research report, the global fuel cell UAV market is set to garner revenue worth nearly $4.5 billion by 2031.
Key players in the global fuel cell UAV market are implementing strategies such as the launching of new eco-friendly products aimed at reducing global warming and contributing substantially towards a green environment as well as a go-green initiative. In addition, the new product offerings will help the industry players in expanding their customer base across the globe. Moreover, strategic partnerships have helped market players in improving their global presence and offer new products to customers as per their requirements and demand. This, in turn, will open new vistas of growth for the fuel cell UAV market across the globe. Execution of the key strategy of forming strategic alliances has also helped the industry participants in creating a value proposition for their products, thereby enhancing the value of their products and reinforcing their market position. Let us discuss some of the key trends witnessed in the global fuel cell UAV market.
New product launches have massively influenced the expansion of the global fuel cell UAV market in present times and will continue to do so even in the near future. Horizon Unmanned Systems, a Singapore-based firm, introduced a new hydrogen fuel cell driven unmanned aerial vehicle (UAV) having multi-rotors. Reportedly, the UAV is referred to as HYPOPTER and is the first of its kind to be powered by energy in hydrogen fuel cell form. Furthermore, the ultra-light fuel cells transform hydrogen in the aircraft into electricity for powering rotors. The strategic move has contributed majorly to the growth of the fuel cell UAV market size. Furthermore, Ballard Unmanned Systems, a division of Ballard Power Systems Inc., introduced a new fuel cell product line referred to as FCair for its commercial unmanned aerial vehicles (UAVs). Reportedly, the novel product line includes a hydrogen fuel cell power system, refueling solutions, hydrogen storage cells, and hydrogen gas supply. The initiative is predicted to boost the use of fuel cells in the UAV industry, thereby steering the global fuel cell UAV market trends.
Continuing with the trend of new product launches, MMC UAV, a key manufacturer of industrial UAVs, introduced hydrone griflion H, a hydrogen fuel battery-powered UAV. Moreover, the UAV demonstrates higher stability and extends the drone flight timespan. The introduction of new hydrogen-powered UAV has further added to the portfolio of fuel cell UAV, thereby enabling the expansion of the fuel cell UAV industry across the globe. Reportedly, Intelligent Energy, a UK-based producer of lightweight fuel cell power units for unmanned aerial vehicles, launched a high-pressure valve. This will help UAV operators in the transportation of fully hydrogen-filled cylinders to power their UAVs. The initiative will also boost the fuel cell UAV demand across the UK. In addition, Hyundai, a giant automotive manufacturer, launched the first FCEV referred to as the fuel cell-driven Santa Fe. Reportedly, it is the first mass-produced FCEV across the globe. The move is aimed at contributing significantly towards the launching of eco-friendly technologies such as hydrogen fuel cell technologies in the automotive industry.
Strategic partnerships have played a key role in the growth of the global fuel cell UAV industry. Fortress UAV, a wholly-owned subsidiary of Fortress Solutions based in the U.S., joined hands with BTE, a South Korean firm producing hydrogen fuel cells and hydrogen energy solutions. As per the partnership deal, Fortress UAV will offer a slew of OEM installation and supporting solutions to BTE along with helping the latter expand its business in the U.S. The move is likely to boost the production of hydrogen fuel cells for UAVs in the U.S., thereby contributing notably toward green and eco-friendly energy solutions.
The players in the fuel cell UAV market are launching new products for expanding their product portfolio along with increasing their revenues from the sales of the products. Furthermore, firms are entering partnerships with players in the same business or another business for expanding their business and gaining a competitive edge over their business rivals. Moreover, strategic partnership is a business strategy adopted by key industry players with the objective of reducing their operational and in-house production costs, thereby enabling firms to focus on their core areas of competencies. Entering partnerships has also helped firms in the fuel cell UAV industry in improving their supply chain and distribution activities along with facilitating timely delivery of the product. Moreover, the strategy has helped in charting a profitable roadmap for the global fuel cell UAV industry.
Author Biography- Dhananjay Punekar is a writer, avid reader & book lover, and interested in watching sports. He holds a post-graduate degree in management and is working as a Sr. Specialist Content Writer at Allied Market Research.
He can be reached at email@example.com